Between them, they've recorded a collective profit of more than $43 billion.
Much of that has come at the expense of Australian home owners who've been battling a cost-of-living crisis. The big 4 banks control almost three quarters of the nation's home loans.
Research by The Australia Institute reveals the big four banks make $213,480 in pure profit from the average mortgage of a first-home buyer with a 30-year loan.
ANZ is the smallest of the banks as reflected in its profit being lower than the rest. It's also the smallest using its share of total loans to residents or its share of home loans. The ANZ accounts for 13% of all loans to Australian residents and 13% of loans for housing.
"Australia Institute figures don't even include the extra profit banks make on any other savings or credit card accounts, transaction fees, kickbacks on insurance they sell your or the ridiculous prices they charge to get a bank cheque," said Greg Jericho, Chief Economist at The Australia Institute.
"The lack of competition among the big banks has come at the cost of home owners, and their massive profits from home loans far exceeds the level of risk the banks undertake.
"The federal government has a huge majority which gives it a huge opportunity to help take the burden off the people who need help the most.
"A small super profits tax, raising just over $1.7 billion in 2024-25, was imposed by the Coalition in 2017. It's done little to dent the profits or the market share of the big banks. Increasing that to $5 billion - or more - would take an extra few billion of the banks and give it to battlers."
